The correlation between unemployment and economic growth in Latin America: Okun’s law estimates by country
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Organización Internacional del Trabajo (OIT)
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| Formato: | Artículo científico |
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International Labour Organization
2023
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| _version_ | 1874525106074550279 |
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| author | M. Sylvina Porras-Arena (Author) Ángel L., Martín-Román (Author) |
| author_facet | M. Sylvina Porras-Arena (Author) Ángel L., Martín-Román (Author) M. Sylvina Porras-Arena (Author) Ángel L., Martín-Román (Author) |
| contents | The correlation between unemployment and economic growth in Latin America: Okun’s law estimates by country M. Sylvina Porras-Arena (Author) Ángel L., Martín-Román (Author) The authors question the validity of Okunʼs law in Latin America in this paper. Based on several econometric models, they show that fluctuations in economic activity have a lesser impact on unemployment rates in Latin American countries than in other, more advanced economies. Instead of stimulus policies focused on reducing unemployment in general, these countries need targeted policies that encourage job creation in specific sectors. That being said, the unemployment–output ratio differs from one Latin American country to another. Where the ratio is weak or non-existent, cyclical variations adversely affect the quality of employment – another aspect that must also be addressed by economic policy. 10.1111/ilr.12398 DOI https://doi.org/10.1111/ilr.12398 publication.journalArticle |
| format | Artículo científico |
| id | ilo_995318860302676 |
| institution | Organización Internacional del Trabajo (OIT) |
| publishDate | 2023 |
| publisher | International Labour Organization |
| spellingShingle | The correlation between unemployment and economic growth in Latin America: Okun’s law estimates by country M. Sylvina Porras-Arena (Author) Ángel L., Martín-Román (Author) The correlation between unemployment and economic growth in Latin America: Okun’s law estimates by country M. Sylvina Porras-Arena (Author) Ángel L., Martín-Román (Author) The authors question the validity of Okunʼs law in Latin America in this paper. Based on several econometric models, they show that fluctuations in economic activity have a lesser impact on unemployment rates in Latin American countries than in other, more advanced economies. Instead of stimulus policies focused on reducing unemployment in general, these countries need targeted policies that encourage job creation in specific sectors. That being said, the unemployment–output ratio differs from one Latin American country to another. Where the ratio is weak or non-existent, cyclical variations adversely affect the quality of employment – another aspect that must also be addressed by economic policy. 10.1111/ilr.12398 DOI https://doi.org/10.1111/ilr.12398 publication.journalArticle |
| title | The correlation between unemployment and economic growth in Latin America: Okun’s law estimates by country |
| url | https://researchrepository.ilo.org/esploro/outputs/journalArticle/The-correlation-between-unemployment-and-economic/995318860302676 |